Bitcoin price again failed to break the $44,000 resistance zone. BTC is declining and is at risk of falling below the $41,500 level.
- Bitcoin is slowly falling from the $43,800 resistance zone.
- The price is trading below $43,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming with resistance near $42,550.
- If it stays below the $43,000 level, the pair may continue to fall.
Bitcoin price has taken a hit.
Bitcoin price made a new attempt to break above the $43,200 level. BTC broke above the $43,500 level but had trouble reaching the $44,000 resistance zone.
A high was made near $43,792 and the price began a new decline. A clear inverted V pattern was formed and the price fell below the $43,200 level. The bears were able to push the price below the 50% Fib retracement level, rising from the $41,637 swing low to the $43,792 low.
Bitcoin is currently trading below $43,000 and the 100-hour simple moving average. It is also consolidating below the 61.8% Fib retracement level, rising from the $41,637 swing low to the $43,792 low.
On the other hand, immediate resistance is near the $42,500 level. The hourly chart of the BTC/USD pair also has a major bearish trendline forming with resistance near $42,550. The first major resistance is at $43,000. The price could go higher if it breaks above the $43,000 level.
Source: TradingView.com BTCUSD
The main hurdle is $43,250. A break above the $43,250 resistance could initiate a significant rally towards the $43,800 level. The next major resistance could be near $44,000, above which BTC could rise towards the $45,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $43,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,150 level.
The next major support is near $41,650. A drop below $41,650 risks further losses. If indicated, the price may decline towards the $40,500 support level in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $42,150, then $41,650.
Key resistance levels – $42,550, $43,000 and $43,800.
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